**Previous Analysis Summary:** Last week's analysis indicated a potential swing setup for BTC/USD. Key Fibonacci retracement levels were identified, along with significant support and resistance zones.
**Key Observations:** 1. **Fibonacci Levels:** The Fibonacci retracement levels are drawn from the recent high to the recent low: - 0.382 (38.2%) at approximately $60,557.02 - 0.5 (50%) at approximately $62,736.97 - 0.618 (61.8%) at approximately $64,116.92 - 0.786 (78.6%) at approximately $68,020.57
2. **Current Price Action:** - **Bid Price:** $60,031.92 - **Ask Price:** $60,031.93 - BTC is currently trading near the 0.382 Fibonacci level, which suggests potential resistance.
3. **Support and Resistance:** - **Support Zone:** Around $53,500, where the previous low is marked. - **Resistance Zone:** Around $62,737 (50% Fibonacci retracement).
4. **Trendlines:** - A descending trendline is evident, suggesting a bearish trend in the recent past. - A breakout above this trendline could indicate a potential reversal.
**Trade Confirmation:** - BTC has shown some bullish momentum, attempting to break above the 0.382 Fibonacci level. - The price is currently consolidating near this level, suggesting indecision in the market.
**Action Plan:** - **Bullish Scenario:** If BTC breaks and closes above the 0.382 Fibonacci level ($60,557.02) and the descending trendline, it could signal a potential move towards the 0.5 Fibonacci level ($62,736.97) and possibly higher towards the 0.618 level ($64,116.92). - **Bearish Scenario:** If BTC fails to hold above the 0.382 Fibonacci level and the descending trendline, it could retest the support zone around $53,500.
**Conclusion:** - The current price action aligns with the previous week's swing analysis, confirming the importance of the identified Fibonacci levels and trendlines. - Traders should watch for a confirmed breakout above the 0.382 level and the descending trendline for bullish confirmation or a rejection at this level for potential bearish moves.
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